My pride and joy...

Devo

I decided the other day that I should really sell my motorbike. The main reasons behind this are that I don't really ride her at the moment and the money would pay off quite a chunk of my debt. I have a guy who is extremely interested and coming to see her on Thursday night (wth the cash).

However, I am having second thoughts because she is an absolute beauty and I will sorely miss her. I just want reassurance that I'm doing the right thing...

I'll be getting £2750 cash for her and my total debt at present is about 10k :money:

*Vikki*

Personally I wouldn't do it no. I have a pride and joy too and know how it feels!

Devo

*Vikki* wrote: »

Personally I wouldn't do it no. I have a pride and joy too and know how it feels!

That hasn't helped Vikki lol

dancingfairy

Think of the pride and joy you'll feel when you've cleared your debts. Also think how much it's costing you in interest to keep it sitting there when it could be paying off your debts. df

Devo

dancingfairy wrote: »

Think of the pride and joy you'll feel when you've cleared your debts. Also think how much it's costing you in interest to keep it sitting there when it could be paying off your debts. df

Thank you! It's not just the interest either as it obviously needs taxing, insuring and MOT'ing each year...

dancingfairy

Not sure how long it would take you to pay off your debts if you didn't sell it? Could you declare it off the road and try and pay everything off and then redeclare it and use it again? Although it could obviously seize/rust up depending on the length of time to repay the debts.
Also I think it depends on much you want to be debt free - it could take longer and cost more but you could keep the bike - what else would you have to sacrifice instead to keep it? It's a trade-off really. Logically you may be better selling it - I don't know. df

Devo

dancingfairy wrote: »

Not sure how long it would take you to pay off your debts if you didn't sell it? Could you declare it off the road and try and pay everything off and then redeclare it and use it again? Although it could obviously seize/rust up depending on the length of time to repay the debts.
Also I think it depends on much you want to be debt free - it could take longer and cost more but you could keep the bike - what else would you have to sacrifice instead to keep it? It's a trade-off really. Logically you may be better selling it - I don't know. df

In my heart I know I should really sell it. My aim is to pay off debt as soon as possible so I can visit my dad more often in the Philippines

savingholmes

Personally I would sell it. My OH is into motorbikes too - he has one luckily for him it is worth about 10% of what your is so I "let" him keep it! When we were really stuffed tho, when he crashed a car - he agreed to sell his then motorbike to pay for the repairs... These are the kind of sacrifices we all make at some point.... if we are serious about our DFW journey....

Devo

savingholmes wrote: »

Personally I would sell it. My OH is into motorbikes too - he has one luckily for him it is worth about 10% of what your is so I "let" him keep it! When we were really stuffed tho, when he crashed a car - he agreed to sell his then motorbike to pay for the repairs... These are the kind of sacrifices we all make at some point.... if we are serious about our DFW journey....

I also have a car, so it's not like I'm sacrificing my only means of transport to start taking a bus...

Nargleblast

If you think about it, your bike is just an asset sitting there, taking up space, doing nothing useful. It will be depreciating in value day by day and you may come to a point where you have no choice but to sell it. At that point you may find you can't get a buyer anywhere or a decent price for it. best to cut your losses and sell it now while you can still get a good price for it. It is only an object after all, and one day in the future when you are debt free there will be another superbike coming along for you to buy.

slig

I think you have to sell it, and I think you already know that. Once you're debt free you can save for another bike.

If you don't really ride your bike much, then it will be good for it to go to someone who loves it as much as you do, and will be able to ride it more often.